Maple Energy has announced its financial results for the six months ended June 30, 2009:
- Operating revenues for the six months ended June 30, 2009 totaled US $25.8 million (2008: US $46.1 million) as the average sales price per barrel declined from US$113.37 in 2008 to US $67.82 in 2009 in line with lower international oil prices.
- Gross profit for the six months ended June 30, 2009 was US $8.3 million compared to US $12.9 million for 2008, lower primarily as a result of a significant decline in the margins on the sales of products from the Pucallpa Refinery due to lower international commodity prices.
- Adjusted EBITDA (as defined herein) for the six months ended June 30, 2009 was US $2.4 million (2008: US $4.6 million).
- Net Loss for the first six months of 2009 of US $5.2 million or US$5.83 cents per share, before recognition of an extraordinary charge related to the sale of the interest in Aguaytia Energy, LLC ("Aguaytia Energy"). This was due to lower margins combined with a charge for deferred income taxes of US $2.3 million, deferred employee profit sharing of US $0.8 million and depreciation and amortisation totaling US $2.2 million.
Balance sheet highlights
- In January 2009, the Company entered into a US $10 million, five-year secured credit facility with Banco de Crédito del Perú. The proceeds from this facility are primarily being used to fund development drilling and for other general corporate purposes.
- In March 2009, the Company completed a US $18.9 million sale-leaseback financing facility with Banco Internacional del Perú. Maple used this facility to refinance the acquisition of the Maple Rig 1 which is currently being used to drill the first well in the Santa Rosa oil prospect in Block 31-E ( the "Santa Rosa 1X").
- In June 2009, the Company successfully completed the sale of its interests in Aguaytia Energy, of which Maple's portion of the cash proceeds of the sale totaled US $21.6 million. Maple retained rights to future contingent payments of up to US $5.4 million net to Maple's interest and certain contingent liabilities which are not expected to be material. The sale of the interest in Aguaytia Energy has enabled the Company to focus its efforts on oilfield development, exploration, and ethanol initiatives. A non-cash charge to income of US $10.3 million was recognized as the difference between the carrying value of Maple's interest in Aguaytia Energy and the amount realized on the sale.
- Oil production averaged 491 barrels per day ("bpd") during the first half of 2009 (2008: 524 bpd).
- Sales from the Pucallpa Refinery for the six months ended June 30, 2009 totaled 381,098 barrels of refined products (2008: 404,416 barrels), an average of 2,106 bpd (2008: 2,234 bpd).
- Maple has completed the drilling of ten wells in its Block 31 B&D development programme with the drilling and completion of five development wells in the Maquia oilfield and five development wells in the Agua Caliente oilfield. Additional works are scheduled to be performed on some of these wells to further increase production.
- On June 26, 2009, the Company commenced drilling the Santa Rosa 1X. On August 6, 2009, the Company announced that the first of two prospective intervals, the Cretaceous Period formation sands, had been drilled with no shows of oil and minor gas shows that are believed to be non-commercial. The Company is drilling the second deeper prospective interval, consisting of the Paleozoic Period formations. Drilling is expected to be completed by early September 2009.
Jack W. Hanks, Chairman of Maple, commented, "Maple continues to move forward across the full range of its projects. We have a diverse and complimentary set of assets -- in upstream, downstream and ethanol -- and this variety of operations gives Maple real strength as a business. I look forward to reporting on the Company's work as the second half of 2009 further develops."